In the past businesses had to make phone calls or request credit information via fax from credit bureaus. Information about competitors was difficult to obtain. Online reporting services regarding credit information, company profiles, and vendor verification have changed all that.
Unfortunately these services for information specifically focussed on South Africa and other African countries have been limited up to now. There are only a few online services available enabling company managers to check the creditworthiness of consumers, obtain in-depth research reports regarding specific economic sectors and niche markets, as well as country reports.
Value of Information Available From Online Credit Services
No doubt, there is no lack of information on the Internet, but sourcing for such can be a daunting task. It is no longer the lack of information that is an obstacle for business risk management, but the overload thereof. Company CEO’s find it difficult to work through the tons of information clutter when all they need is to subscribe to these services.
With such an online reporting service, the user has direct access to credit information and can set profiles for alerts. Should any changes occur in the consumer or competitor profile regarding creditworthiness the user is alerted immediately. Instead of having to conduct periodic searches to keep tabs on the creditworthiness of clients and business partners, a profile can be created once and alerts received.
The information provided by credit information services is accurate, up to date, and relevant to the risk management division of the business. The clutter of information is thus removed enabling faster and more accurate decision making.
The online reporting services for Africa also for instance, provide bank code monitoring services as well as consumer tracing and valuable customised country and company reports. Online reporting services should be used if a business wants to streamline information sourcing and credit checking functions.